Ethereum's Fusaka Upgrade, Grayscale Chainlink Trust: Crypto Week Ahead

Ethereum developers are preparing for the network’s second upgrade of 2025 to go live on the blockchain’s mainnet on Wednesday. Fusaka — a blend of the names Fulu + Osaka — consists of two upgrades happening on Ethereum’s consensus and execution layers at the same time. The goal of the upgrade is to enable Ethereum to handle the large transaction throughput from the layer-2 chains that use the blockchain as their base layer.

Grayscale is expected to convert its chainlink LINK $ 12.27 trust into an exchange-traded fund on Tuesday. The conversion will create the first chainlink ETF and ends a journey that started in September. It will join ETFs that include the two largest cryptocurrencies, bitcoin BTC $ 86,563.37 and ether ETH $ 2,844.59, as well as solana SOL $ 127.76 and XRP $ 2.0610 and follows less than a week after the debut of its DOGE $ 0.1378 offering, the Grayscale Dogecoin Trust ETF (GDOC).

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What to Watch

Crypto Dec. 1: 21Shares Core XRP Trust (TOXR) is expected to begin trading on Cboe BZX Exchange. Dec. 1: Ontology (ONG) activates mainnet v3.0.0 upgrade, reducing ONG supply from 1 billion to 800 million, locking liquidity, extending emissions and optimizing network performance. Dec. 1: Qtum (QTUM) is expected to undergo its second halving event, reducing mining rewards by 50% from 0.5 QTUM to 0.25 QTUM per block. Dec. 1: Starknet (STRK) activates "Privacy Perps" on mainnet with layer 2 masking for private perps trading. Dec. 2: Grayscale Chainlink Trust ETF (GLNK) is expected to begin trading on NYSE Arca, converting the existing Chainlink trust into a spot Chainlink ETF. Dec. 2, 12 p.m.: Dec. 2: MultiversX (EGLD) "Staking V5" mainnet upgrade activates at epoch 1951. Dec. 2: VeChain (VET) Hayabusa hard fork upgrade activates on mainnet at block 23,414,400. Dec. 3: Ethereum's Fusaka network upgrade activates at epoch 411392 on the mainnet. Livestream link. Dec. 7: Beldex (BDX) "Obscura v7.0.0" hard fork upgrade is scheduled at block height 4939540 on mainnet.

Macro Dec. 1: The Federal Reserve ends quantitative tightening (QT), ceasing balance sheet reduction from this date as it aims to stabilize financial markets amid tightening liquidity conditions. Dec. 1, 8 a.m.: Brazil Nov. S&P Global Manufacturing PMI (Prev. 48.2). Dec. 1, 9:30 a.m.: Canada Nov. S&P Global Manufacturing PMI (Prev. 49.6). Dec. 1, 9:45 a.m.: U.S. Nov. (Final) S&P Global Manufacturing PMI Est. 51.9. Dec. 1, 10 a.m.: Mexico Nov. S&P Global Manufacturing PMI (Prev. 49.5). Dec. 1, 10 a.m.: U.S. ISM Nov. Manufacturing PMI Est. 48.6. Dec. 1, 8 p.m.: Federal Reserve Chair Jerome H. Powell speech. Watch live. Dec. 2, 10 a.m.: Federal Reserve Vice Chair for Supervision Michelle W. Bowman speech. Watch live. Dec. 3, 8 a.m.: Brazil Nov. S&P Global PMI. Services (Prev. 47.7), Composite (Prev. 48.2). Dec. 3, 8:15 a.m.: U.S. Nov. ADP Employment Change (Prev. 42K). Dec. 3, 9:30 a.m.: Canada Nov. S&P Global PMI. Composite (Prev. 50.3), Services (Prev. 50.5). Dec. 3, 9:45 a.m.: U.S. Nov. S&P Global (Final) PMI. Composite Est. 54.8, Services Est. 55. Dec. 3, 10 a.m.: U.S. Nov. ISM Services PMI (Prev. 52.4). Dec. 4, 7 a.m.: Brazil Q3 GDP Growth Rate. QoQ (Prev. 0.4), YoY (Prev. 2.2). Dec. 4, 8:30 a.m.: U.S. Initial Jobless Claims for week ended Nov. 29 (Prev. 216K), Continuing Jobless Claims for week ended Nov. 22 (Prev. 1960K). Dec. 4, 12 p.m.: Federal Reserve Vice Chair for Supervision Michelle W. Bowman speech. Dec. 5, 7 a.m.: Brazil Oct. PPI. YoY (Prev. -0.4), MoM (Prev. -0.25%). Dec. 5, 8:30 a.m.: Canada Nov. Unemployment Rate (Prev. 6.9%). Dec. 5, 10 a.m.: U.S. Dec. (Preliminary) University of Michigan Survey. Consumer Sentiment Index (Prev. 51); Inflation Expectations (Prev. 4.5%). Dec. 5, 10 a.m.: U.S. Sept. PCI Price Index. Headline YoY Est. 2.8%, MoM Est. 0.3%; Core YoY Est. 2.9%, MoM Est. 0.2%.

Earnings (Estimates based on FactSet data) Dec. 1: Cango (CANG), post-market. Dec. 2: Forward Industries (FWDI), post-market.



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